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The Bond Market Is Wrong | Joseph Wang & Dominique Dwor-Frecaut

Forward Guidance

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Quantitative Tightening and Reserves - What Are the Plumbing Issues?

Dominique: Post GFC, global central banks have decided to stick with an operational regime where reserves are more than they really need. Joseph: You cannot control both the quantity and the price of money. It's been tried before. It's never worked. Dominic is writing that we have this fundamental regime change in how monetary policy is implemented.

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